Freeport-McMoRan Beneish M-Score Historical Data
The historical data trend for Freeport-McMoRan's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Freeport-McMoRan Beneish M-Score Chart
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Freeport-McMoRan Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.90 |
-2.80 |
-2.58 |
-2.79 |
-3.21 |
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Freeport-McMoRan Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.62 |
-2.59 |
-2.80 |
-3.21 |
-3.23 |
Competitive Comparison of Freeport-McMoRan's Beneish M-Score
For the Copper subindustry, Freeport-McMoRan's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Freeport-McMoRan's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Freeport-McMoRan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Freeport-McMoRan's Beneish M-Score falls into.
Freeport-McMoRan Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Freeport-McMoRan for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.5592 | + | 0.528 * 1.0356 | + | 0.404 * 0.9249 | + | 0.892 * 1.0452 | + | 0.115 * 1.1514 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0068 | + | 4.679 * -0.086484 | - | 0.327 * 0.9604 |
| = | -3.23 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was $1,308 Mil.
Revenue was 5728 + 5720 + 6790 + 6624 = $24,862 Mil.
Gross Profit was 1506 + 1425 + 2113 + 2240 = $7,284 Mil.
Total Current Assets was $13,802 Mil.
Total Assets was $56,022 Mil.
Property, Plant and Equipment(Net PPE) was $39,200 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,112 Mil.
Selling, General, & Admin. Expense(SGA) was $523 Mil.
Total Current Liabilities was $5,943 Mil.
Long-Term Debt & Capital Lease Obligation was $8,909 Mil.
Net Income was 352 + 274 + 526 + 616 = $1,768 Mil.
Non Operating Income was 58 + 67 + 97 + 69 = $291 Mil.
Cash Flow from Operations was 1058 + 1436 + 1872 + 1956 = $6,322 Mil.
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Total Receivables was $2,238 Mil.
Revenue was 6321 + 5905 + 5824 + 5737 = $23,787 Mil.
Gross Profit was 1882 + 1956 + 1738 + 1641 = $7,217 Mil.
Total Current Assets was $14,842 Mil.
Total Assets was $54,198 Mil.
Property, Plant and Equipment(Net PPE) was $36,197 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,264 Mil.
Selling, General, & Admin. Expense(SGA) was $497 Mil.
Total Current Liabilities was $6,305 Mil.
Long-Term Debt & Capital Lease Obligation was $8,656 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1308 / 24862) | / | (2238 / 23787) |
| = | 0.05261 | / | 0.094085 |
| | = | 0.5592 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (7217 / 23787) | / | (7284 / 24862) |
| = | 0.303401 | / | 0.292977 |
| | = | 1.0356 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (13802 + 39200) / 56022) | / | (1 - (14842 + 36197) / 54198) |
| = | 0.053907 | / | 0.058286 |
| | = | 0.9249 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 24862 | / | 23787 |
| | = | 1.0452 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (2264 / (2264 + 36197)) | / | (2112 / (2112 + 39200)) |
| = | 0.058865 | / | 0.051123 |
| | = | 1.1514 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (523 / 24862) | / | (497 / 23787) |
| = | 0.021036 | / | 0.020894 |
| | = | 1.0068 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((8909 + 5943) / 56022) | / | ((8656 + 6305) / 54198) |
| = | 0.26511 | / | 0.276043 |
| | = | 0.9604 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (1768 - 291 | - | 6322) | / | 56022 |
| | = | -0.086484 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Freeport-McMoRan has a M-score of -3.23 suggests that the company is unlikely to be a manipulator.
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